Shares in Countrywide tumbled after the troubled estate agency warned over profits and said it will raise fresh funds to cut debt.

The group – Britain’s biggest listed estate agency and owner of brands including Hamptons and Bridgfords – said on Monday that the property market in the first half has continued to be “subdued” as it continues to experience longer transaction cycles.

As a result, it now expects interim earnings to come in at around £20 million lower than last year and does not expect the shortfall to be recovered in the second half.

Shares crashed 25% on the news.

Countrywide also said that it is looking to put in place a “long term capital structure” to support a turnaround plan.

Our focus remains on building back the sales pipeline and we expect to substantially close the pipeline gap by the end of the year
Countrywide